Coterie Insurance, which hopes to transform the small business insurance process, has scored $50m in its Series B round.
Weatherford Capital served as the lead investor, with commitments also coming from returning backers RPM Ventures, Intact Ventures, Group 1001 and Alpha Edison.
With the funds, the company will expand its mission of improving the commercial insurance market for small and micro-businesses.
Coterie claims small businesses have been missed by the insurance sector, with 75% of companies in the US currently uninsured. The InsurTech company was created to solve this crisis. It combines insurance expertise and innovative data analytics to simplify the small business insurance process.
Users are taken through the quoting and binding of policies within minutes, with the process completed entirely online.
Coterie Insurance co-founder and CEO David McFarland said, “While over 90% of companies in the US are small businesses, they remain underserved when it comes to insurance, leaving them vulnerable to unexpected risks. Coterie is reimagining small commercial insurance and this latest round of funding skyrockets our ability to deliver the most robust solutions and streamlined processes for insurance agents, partners, and small businesses.
“We’re on a mission to provide an experience that’s easier, faster, and better than anything else out there so that these businesses can thrive.”
With the round close, the InsurTech company has raised a total of $75m in funding. The company closed its Series A round on $11.5m in February 2021, with capital supplied by Intact Ventures, Alpha Edison, Lackawanna Insurance Group and others.
The InsurTech sector is continuing to hit new heights. Funding in the sector is expected to hit a new record in 2021, with a total of $6.4bn already invested in just H1 2021, according to data from FinTech Global.
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